A Popular Way to Invest in Bitcoin Is Even More Volatile Than Bitcoin Itself

Bitcoin investors have been on a wild ride this year, with the digital currency more than doubling, before slumping this week into what technical analysts label a bear market. But the swings in the value of the Grayscale Investments’ Bitcoin Investment Trust has dwarfed those of the underlying asset, with its 90-day volatility surging to an all-time high, more than twice that of bitcoin. Soaring demand from institutional investors who don’t want to hold the actual cryptocurrency has caused the trust to surge even more than bitcoin itself, making it a rollicking trip.